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C. PUBLIC PURPOSE <br />It is the policy of the city of Elk River that the use of Tax Abatement should result in <br />ndicate how this project will sery <br />A-nefitCreation/RetentionJob to the public. Se Number of existing jobs 2 ✓a p� % im!V1,o ...... <br />Number of jobs created by project <br />Average hourly wage of jobs created/retained G��i 4�C� ' p•� <br />-kNew industrial development which will result in additional private 1a <br />investment in the area. <br />Enhancement and/or diversification of the city of Elk River's economic base. <br />The project contributes to the fulfillment of the city's Economic Development <br />Strategic Plan. <br />_Removal of blight. <br />Rehabilitation of a high profile or priority site. <br />Significantly increase the city's tax base. <br />k gJJJ+10na I * 4.%+ j hr bahefitS <br />D. SOURCES & USES <br />SOURCES <br />Bank Loan <br />Other Private Funds <br />Owner Cash Equity <br />Fed Grant/Loan <br />State Grant/Loan <br />EDA Micro Loan <br />Tax Abatement <br />ID Bonds <br />TOTAL <br />USES <br />Land Acquisition <br />Site Development <br />Construction <br />NAME <br />Machinery & Equipment <br />Architectural & Engineering Fees <br />Legal Fees ) Pr OWSA 0 na i Foos <br />Interest During Construction <br />Debt Service Reserve <br />Contingencies <br />TOTAL <br />Page 10 of 15 EDA & City Council Approved April 17, 2017 <br />